ArcelorMittal on Monday said that its subsidiary ArcelorMittal India Pvt Ltd (AMIPL) has submitted an offer for Essar Steel India Limited in line with the corporate insolvency resolution process for Indian steel company.
In its offer, AMIPL set out a detailed industrial plan for the debt-laden steel maker to address its operational issues and aimed at improving its performance and profitability.
“Essar provides a compelling opportunity for us to enter the high growth Indian steel market. The offer submitted to…
Read the full article at: https://www.thenewsminute.com/article/arcelormittal-submits-bid-debt-laden-essar-steel-76377
Victims who had their money stolen by former Rare Coin Company managing director Robert Jackman have been given no hope of their money being returned, despite restitution being ordered by Albany District Court last week.
Mr Jackman, 63, was sentenced to four years and two months jail last week and ordered to pay reparation of more than $1.8 million by sentencing Judge Julie Wager.
However, the court heard Mr Jackman and wife Barbara had been declared bankrupt with no assets and had only a modest $6000 in savings, dashing investors hopes of their money being returned.
Albany retiree Annemaree Mabbs, 70, who, with her husband, was among the 21 investors to pursue criminal charges against Mr Jackman after having $98,000 stolen from them, said …
Read the full article at: https://thewest.com.au/news/albany-advertiser/coin-victims-lose-hope-of-seeing-money-ng-b88737062z
By Joseph White and Ju-min Park
GM will shut a South Korean plant, more cuts could follow
DETROIT/SEOUL (Reuters) – General Motors Co said it will close one of its four plants in South Korea and incur an $850 million impairment charge as part of a restructuring of its money-losing business in Asia’s fourth-biggest economy.
The U.S. automaker said it would decide the future of its remaining South Korean operations within weeks, amid ongoing talks with the government and labor unions on how to cut costs and make the business profitable.
“Time is short and everyone must move with urgency,” GM President Dan Ammann told Reuters.
The move is the latest in a series of st…
Read the full article at: https://au.news.yahoo.com/a/38922450/gm-will-shut-a-south-korean-plant-more-cuts-could-follow/
General Motors said it will close one of its four plants in South Korea and incur an $850 million impairment charge as part of a restructuring of its money-losing business in Asia’s fourth-biggest economy.
The U.S. automaker said it would decide the future of its remaining South Korean operations within weeks, amid ongoing talks with the government and labor unions on how to cut costs and make the business profitable.
“Time is short and everyone must move with urgency,” GM President Dan Ammann told Reuters.
…
Read the full article at: https://www.cnbc.com/2018/02/12/general-motors-will-shut-a-south-korean-plant-more-cuts-could-follow.html
Seven of the 49 individuals laid off by Marietta, Ga.-based WellStar Health System last month held vice president or senior vice president roles within the 11-hospital system, according to the Cobb Business Journal.
Here are six things to know about the executive layoffs.
1. Keith Bowermaster, vice president of communications for WellStar, told the Cobb Business Journal Feb. 7 the health system cut 42 positions and canceled seven contracts “as part of a corporate restructuring to better align the organization with our strategic plan and improve operational efficiencies.”
2. All seven individuals whose contr…
Read the full article at: https://www.beckershospitalreview.com/hospital-management-administration/7-vps-among-49-employees-laid-off-during-wellstar-health-system-s-corporate-restructuring.html
SPECIAL REPORT: Deadbeat parents shown how to “legally” avoid child support
WITH more than 1200 Mackay parents struggling to meet their financial obligations for their kids, experts are pressuring the Turnbull Government to overhaul the much-maligned child support system.
Exclusive data obtained by NewsRegional shows 4411 Mackay residents should be paying child support but 28 per cent – 1226 – are behind in their payments.
Most of the debtors are men, with 1058 Mackay fathers owing money.
There are 138 mothers with a child support debt and 30 residents of “unknown gender” who also owe money.
The Department of Human Services could not tell NewsRegional how much money is owed locally, but it confirmed that nat…
Read the full article at: https://www.dailymercury.com.au/news/1200-mackay-parents-add-to-15b-child-support-debt/3333882/
ROCKHAMPTON civil and minesite construction company Busby Contracting Pty Ltd has gone into voluntary liquidation owing more than $2 million to creditors, employees and the tax office.
The decision to wind the company up came at a general meeting held in Brisbane on February 5.
Busby Contracting Pty Ltd had been involved in mines including Eagle Downs, Baralaba, Isacc Plains, Caval Ridge, Rolleston, Peak Downs, Broadmeadows, North Moranbah, Dawson, Curragh, Kestrel, Hail Creek, Coppabella, Jellinbah, Blackwater and Moorvale, and Dyno Nobel Ammonia Nitrate Plant.
The company had also completed large-scale culvert, drainage and protection works for Roadtek and Queensland Rail.
Documents lodged with the Australian Se…
Read the full article at: https://www.warwickdailynews.com.au/news/rocky-construction-firm-folds-owing-over-2-million/3333529/
Payday loans were a growing factor in personal insolvencies in Ontario for the sixth consecutive year in 2017, despite recent provincial regulatory changes to curb borrowing rates and improve disclosures by lenders.
A review of 3,500 insolvency cases by insolvency trustee firm Hoyes Michalos found 31 per cent of people who made insolvency filings in 2017 had payday loans as part of their debt load, up from 27 per cent in 2016 and 12 per cent in 2011.
Douglas Hoyes, insolvency trustee at Hoyes Michalos, said recent regulatory changes for payday loans have not prompted people to borrow less, and may be spurring more borrowing as interest rates decline because people can afford to carry larger loans.
Read the full article at: https://www.theglobeandmail.com/report-on-business/ontario-insolvencies-see-rising-use-of-payday-loans/article37950877/
ROCKHAMPTON civil and minesite construction company Busby Contracting Pty Ltd has gone into voluntary liquidation owing more than $2 million to creditors, employees and the tax office.
The decision to wind the company up came at a general meeting held in Brisbane on February 5.
Busby Contracting Pty Ltd had been involved in mines including Eagle Downs, Baralaba, Isacc Plains, Caval Ridge, Rolleston, Peak Downs, Broadmeadows, North Moranbah, Dawson, Curragh, Kestrel, Hail Creek, Coppabella, Jellinbah, Blackwater and Moorvale, and Dyno Nobel Ammonia Nitrate Plant.
The company had also completed large-scale culvert, drainage and protection works for Roadtek and Queensland Rail.
Documents lodged with the Australian Se…
Read the full article at: https://www.dailymercury.com.au/news/rocky-construction-firm-folds-owing-over-2-million/3333529/
ROCKHAMPTON civil and minesite construction company Busby Contracting Pty Ltd has gone into voluntary liquidation owing more than $2 million to creditors, employees and the tax office.
The decision to wind the company up came at a general meeting held in Brisbane on February 5.
Busby Contracting Pty Ltd had been involved in mines including Eagle Downs, Baralaba, Isacc Plains, Caval Ridge, Rolleston, Peak Downs, Broadmeadows, North Moranbah, Dawson, Curragh, Kestrel, Hail Creek, Coppabella, Jellinbah, Blackwater and Moorvale, and Dyno Nobel Ammonia Nitrate Plant.
The company had also completed large-scale culvert, drainage and protection works for Roadtek and Queensland Rail.
Documents lodged with the Australian Se…
Read the full article at: https://www.themorningbulletin.com.au/news/rocky-construction-firm-folds-owing-over-2-million/3333529/
Family law issues
Wife not permitted to advance equalization of property claim after having declared bankruptcy
Parties entered into minutes of settlement that provided husband would assume ownership of matrimonial home as well as related debts and expenses, and pay wife $40,000 in exchange for release of her property division and spousal support claims. Following year, wife made assignment into bankruptcy and was automatically discharged from bankruptcy nine months later. Wife now claimed she was denied independent legal advice and was under duress, and settlement was unfair. Wife brought application to set aside minutes of settlement so that she could advance claims for equalization of property, spousal support and constructive trust. Th…
Read the full article at: http://www.lawtimesnews.com/case-law/ontario-civil/wife-not-permitted-to-advance-equalization-of-property-claim-after-having-declared-bankruptcy-1812/
MPs minded to publish widely leaked FCA report which details banks endemic mistreatment of customers
Operations by RBSs Global Restructuring Group is at the centre of the scandal.
Photograph: Andy Rain/EPA
A confidential report into Royal Bank of Scotland is set to be published by MPs after it was widely leaked, revealing details of the banks treatment of nearly 6,000 struggling small businesses in the aftermath of the 2008 banking crash.
The Commons Treasury select committee has been locked in a stand-off with the Financial Conduct Authority, which wrote the report, after giving the City watchdog until Friday to either publish it in full or share it with…
Read the full article at: https://www.theguardian.com/business/2018/feb/12/confidential-report-into-rbs-small-business-scandal-to-be-published